Economy
Renewed Interest Rate Worries May Weigh on US Stocks
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to extend the pullback seen in afternoon trading on Wednesday.
A jump in U.S. treasury yields sapped buying interest in the previous session, and the major averages subsequently pulled back well off their best levels but managed to end the day in positive territory.
The ten-year yield spiked to its highest level in over seven years following the release of upbeat employment and service sector data, leading to concerns about aggressive rate hikes by the Federal Reserve.
In remarks at the Atlantic Festival in Washington, D.C. after the close of trading, Fed Chairman Jerome Powell told Judy Woodruff of PBS that interest rates are ?a long way from neutral? even after recent increases.
?The really extremely accommodative low interest rates that we needed when the economy was quite weak, we don’t need those anymore. They?re not appropriate anymore,? Powell said.
?Interest rates are still accommodative, but we?re gradually moving to a place where they will be neutral,? he added. ?We may go past neutral, but we’re a long way from neutral at this point.?
Overall trading activity may be somewhat subdued, however, as traders may be reluctant to make significant moves ahead of the release of the Labor Department?s closely watched monthly jobs report on Friday.
Stocks saw notable strength in morning trading on Wednesday before giving back some ground in the afternoon. Despite the pullback by the major averages, the Dow still ended the session at a new record closing high.
The major averages closed in positive territory but well off their best levels of the day. The Dow rose 54.45 points or 0.2 percent to 26,828.39, the Nasdaq climbed 25.54 points or 0.3 percent to 8,025.08 and the S&P 500 inched up 2.08 points or 0.1 percent to 2,925.51.
Upbeat economic data contributed to the early strength on Wall Street, although buying interest waned as the data also raised concerns about the outlook for interest rates.
Before the start of trading, payroll processor ADP released a report showing stronger than expected private sector job growth in the month of September.
ADP said private sector employment jumped by 230,000 jobs in September after climbing by an upwardly revised 168,000 jobs in August. Economists had expected employment to increase by about 185,000 jobs.
“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP
Research Institute. “Both the goods and services sectors soared.”
“The professional and business services industry and construction served as key engines of growth,” she added. “They added almost half of all new jobs this month.”
On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.
The report is expected to show employment climbed by about 188,000 jobs in September after jumping by 201,000 jobs in August.
A separate report from the Institute for Supply Management showed an unexpected acceleration in the pace of growth in U.S. service sector activity in September.
The ISM said its non-manufacturing index climbed to 61.6 in September from 58.5 in August, with a reading above 50 indicating growth in the service sector. Economists had expected the index to dip to 58.0.
With the unexpected increase, the ISM said the non-manufacturing index reached its highest level since the inception of the composite index in 2008.
Financial stocks turned in some of the market’s best performances on the day, as treasury yields soared following the upbeat economic data. The ten-year yield reached its highest level in seven years.
Reflecting the strength in the financial sector, the NYSE Arca Broker/Dealer Index and the KBW Bank Index surged up by 1.6 percent and 1.5 percent, respectively.
Significant strength was also visible among energy stocks, which moved higher along with the price of crude oil.
On the other hand, gold stocks came under pressure on the day after ending the previous session sharply higher. After surging up by 3.6 percent on Tuesday, the NYSE Arca Gold Bugs Index dropped by 1.4 percent.
Interest rate-sensitive utilities, housing, and commercial real estate stocks also moved to the downside amid the jump by treasury yields.
By Aduragbemi Omiyale
Between $30 billion and $50 billion in investments are anticipated from 22 major offshore projects by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from now till 2030.
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreages.
She made reference to the recent 2025 Licensing Round where 31 companies emerged successful bidders for 37 oil and gas blocks after progressing through a robust, data-driven and technology enabled evaluation process.
Mrs Eyesan said the 2026 Licensing Round, which is set to commence soon, is showing greater promise thanks to the transparency that has characterised licensing rounds.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” the NUPRC boss stated.
The agency’s chief, who was represented at the event by the Executive Commissioner for Development and Production, Mr Enorense Amadasu, the expected investments are expected to increase production, create jobs and strengthen energy security.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plan (FDPs) some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30–50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” she stated.
She noted that besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.
Mrs Eyesan said infrastructure deficit continues to undermine Africa’s promising potential, stating that, Nigeria is, however, addressing this challenge through a series of strategies.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” the NUPRC boss stated.
Besides these infrastructure strategies, Mrs Eyesan said stronger collaboration among government, security agencies, operators, host communities and private partners; as well as the Host Community Development Trust had led to an improvement in the protection of critical energy assets which had ultimately made Nigeria’s upstream sector more resilient.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
